Whenever exports exceed imports (and other planned injections equal other planned leakages), the economy

Middlemen have a comparative advantage in

A) lowering transaction costs. B) raising transaction costs. C) robbery and theft. D) tax evasion. E) buying products at a high price and selling them at a lower price.

If a 5 percent change in the price of a good leads to a 10 percent change in the quantity supplied, then the supply of the good is ________ and the elasticity of supply is ________

A) inelastic; 0.5 B) inelastic; 2.0 C) elastic; 0.5 D) elastic; 2.0